EOW ARRESTS ACCUSED DIRECTOR IN A CHIT FUND COMPANY NAMELY PURPLE QUALVES FINANCIAL SERVICES PVT. LTD.INVOLVING FRAUD OF CRORES OF RUPEES
Bureau,Odishabarta
Bhubaneswar:
Economic Offences Wing, Bhubaneswar has arrested accused Pallavi Mishra @ Hota W/o-Satyaranjan Hota of Banasingh, PS-Sadar, Dist.-Dhenkanal on 05.05.2022 in EOW PS Case No. 10 dt.27.04.2022 U/s 420/406/467/468/ 471/120-B/506/34 IPC,R/w. Sec.4,5 & 6 of Prize Chits and Money Circulation Schemes (Banning) Act,1978 and Sec. 6 of Odisha Protection of Interests of Depositors Act,2011 arising out of Dhenkanal Town PS Case No.131 dtd.11.03.2022. The accused was forwarded to the Court of Presiding Officer, OPID Court, Cuttack, yesterday i.e. on 05.05.2022.
The said case was registered on the allegation that the accused persons being the Directors of a company named as “PURPLE QUALVES Financial Services Pvt. Ltd.” at DLF Building, Patia, Bhubaneswar prompted the complainant and his associates to invest money in their company for higher interests by investing the amount in share market for lucrative profit. Believing in their version, 43 numbers of investors have deposited/invested approximately 7 Crores of rupees in the Purple Qualves Financial Services Pvt. Ltd. through Bank transaction and by cash. Initially in order to build confidence amongst the investors, the accused Pallavi Mishra and her husband had made some initial payment as promised to some investors. But, subsequently they failed to return the promised amounts despite repeated requests of the complt. and other investors, and misappropriated the amount approximately to the tune of Rs.07 Crores, duping the investors of their hard earned money.
It was further ascertained that “Purple Qualves Financial Services Pvt. Ltd. is not authorised either by RBI or by SEBI to receive the public deposits and also to invest the money in share market. Still then, the company has collected crores of rupees from different investors in the name of investing that in share market.
When the investors demanded to return their invested money, the accused persons gave some cheques with false signature which was later on bounced at the bank due to mismatch of signature. When they asked the accused persons to return their money, the accused threatened them not to return their invested money and tried to fled away. As such, the accused Directors have the intention from the beginning to cheat the investors.
During investigation, 23 Nos. Of agreement papers showing investment by the investors with the Director, PURPLE QUALVES Financial Services Pvt. Ltd. containing the signature of Satyaranjan Hota and Pallavi Mishra @ Hota have been seized.
Earlier, Director Satyaranjan Hota has been arrested in this case and still in judicial custody. Investigation of the case is continuing.
